Financial Planning

When Reserve Bank Governor Philip Lowe told parliament on Friday "sunlight is acting as a very good disinfectant here", it was a signal from one of the highest powers in the land that the royal commission is serving to strengthen the financial system not tear it down.

What's worse than calling a banker dishonest? Calling them stupid. That may be the best defence of the former Citigroup, Deutsche Bank and ANZ Bank executives who've been charged with criminal cartel offences over a 2015 placement of $2.5 billion of ANZ shares.

Financial giant AMP was wading knee-deep in blood on Tuesday as three more directors fell on their swords in the wake of damning revelations at the royal commission, including repeatedly lying to the regulator, deliberately ripping off customers and doctoring an “independent report”.

The actions of a rogue NAB financial planner who forged the initials of customers on a superannuation document set off a chain of events that uncovered an entrenched practice of false witnessing of documents by hundreds of NAB staff, the Hayne Royal Commission has heard.

The country's major financial firms are at risk of being deluged by compensation claims, as their customers realise that the shoddy and conflicted financial advice that has been provided to them could entitle them to substantial financial remediation.

AMP's board has been warned it must take stronger action over the shock misconduct in its financial planning arm, or it faces a showdown with some of the country's largest superannuation funds at next month's annual general meeting.